PB’s Report on the ECP Centennial Endowment Fund
As we are celebrating Centennial Sunday on 11th October 2015, the National Office is presenting a report on the ECP Centennial Endowment Fund [CEF] which was set up in 2001 as a major capital funding mechanism for Church self-support. It was designed to be held in trust as an endowment, with only 75% of its annual investment or interest income being withdrawn and used for budgetary purposes.
On 9th September 2004, the Executive Council approved the division of the CEF among the dioceses in order to bring self-reliance down to the diocesan level. This was done through a matching arrangement where every peso raised by a diocese for the CEF is matched by the same amount from CEF’s then existing funds. The division through the matching arrangement provided a fresh impetus in the over-all sustainability thrust as each diocese actually exercised ownership and control over their respective shares in the CEF and has a direct interest and stake in its growth. This has unleashed fresh energies in the fund-raising scheme and has accounted for the rapid growth of the fund at that time.
Today, the total CEF stands at P182,821,710.98, divided as follows:
EDS P 8,640,397.13
EDCP P 6,282,615.20
General Fund P16,363,869.31
National Office P 342,796.70
SKEP P 3,396,051.50
From 2004 to 2014, total CEF income summed up to P80,905,615.19. During the same period, P16,661,295.85 was ploughed back to the Fund to enable it to grow while P49,983,887.55 was remitted to the dioceses. The annual remittances constituted 10% of total diocesan income.
Since the CEF is also used to provide P250,000 as start up endowment fund to congregations attaining full parish-hood, a total of P6,000,000 has been allocated for this purpose, benefitting 24 parishes.
Fund-raising for the CEF continues. The CEF and the ECP Capital Fund [proceeds of the sale of land in Cathedral Heights which is now P139 million] are the two biggest endowment funds of the ECP today that are providing financial stability and sustainability.
On the forthcoming occasion of Centennial Sunday, let us all celebrate and give thanks to God for giving us these gifts.
A blessed Centennial Sunday to all!
THE MOST REV. RENATO M. ABIBICO